NM| The Superintendent of Insurance has issued an Order for all Insurers regarding automobile premium adjustments due to the lowered risk exposure as a result of COVID-19.
Within 21 days of the date of the order, insurers should determine, through the application of sound actuarial principals, whether the rates and premiums for New Mexico auto insurance policies in effect on or after March 23, 2020, are excessive considering the COVID-19 related automobile usage reductions experienced in New Mexico.
If an insurer determines that the premium charged for any of its New Mexico auto insurance policies are excessive, shall submit a filing to through the SERFF portal, that conforms to these requirements outlined in the order.